Tim Ryan, MD of technology specialist Epigem in Redcar (www.epigem.co.uk), which has just secured €444,000 to develop the lighting of tomorrow, said: “We welcome incentives through the tax system for UK companies to protect their IP, develop their IP and secure their freedom to manufacture. Initiatives like R&D tax relief and Patent Box are fantastic in making the whole patenting process more affordable and manufacturing more profitable.

“Moving towards a single European patent with associated cost reductions is needed, similar to the situation in the United States. Although progress in this area is promising, the Chancellor needs to continue its efforts to ensure Europe becomes more competitive.”